While becoming a property owner can start out as an easy passive income stream, it can quickly escalate to taking a lot more of your time than you originally planned. Finding tenants, dealing with maintenance issues, and addressing tenant complaints can start to infringe on the free time this income stream was supposed to help you enjoy. You don’t have to give up your properties in order to make this headache go away, you can hire a property management company that will take some of the more time consuming tasks off of your plate.
Here we’ll talk about the top 5 reasons that property owners say they can’t hire or don’t need a property manager.
1. Property Management is Easy and Paying Someone to do it is a Waste of Money
When everything is going right, property management can be easy. But when it comes to dealing with troublesome residents, the job can become very difficult and even unpleasant. Working with residents who are late on rent or need to be evicted, responding to late night phone calls, and having to drop everything in your life to deal with their problems can quickly turn into a nightmare. Luckily, that’s where property managers come in – we can deal with all of these problems for you!
2. Property Managers Are Too Expensive
Before rushing to the conclusion that you couldn’t afford to hire a property manager, consider the actual cost in comparison to the costs of the sacrifices that you are making without one. How much time do you spend answering phone calls, trying to find tenants, handling maintenance issues, and trying to find the best options for hired services? Then think about how much your time is worth and do the math from there. A property manager can help keep your properties fully occupied, handle resident issues, and use their connections to find the best pricing on services and repairs.
3. Renters Will Ruin My House
While it’s always possible for renters to do damage to your property, hiring a property manager can help to reduce this risk. We have experience in selecting renters and will use this expertise to find the best possible tenants for your property. Property managers will also perform regular inspections of the property in order to catch any minor issues before major damage is caused. If it is determined that renters are doing anything that isn’t compliant with the lease terms, we will take action on your behalf in this potentially uncomfortable and expensive situation.
4. I Can Easily Find People to Rent My Home
Even if you’ve had good luck finding tenants on your own in the past, but you don’t want your luck to run out. Property managers know Federal Fair Housing laws, Housing and Urban Development standards, the American Disabilities Act, and local and state laws in the areas in which we work and can make sure that all renter selections are done in compliance with these laws. We have time-tested criteria that we use to make sure that you are getting only the best renters.
5. I Care About My Property and Will Care for it Better than a Stranger Could
As property managers for your property, we do care about keeping the property updated and in great condition. Property managers know what other people in your area do, what design elements are trending among other properties, and can offer a new perspective on how to improve your property and hopefully increase its value.